Last Updated on July 1, 2024 by admin
Lloyds Banking Group who operate multiple brands through three core divisions; Retail, Commercial Banking and Insurance and Wealth has unveiled different loan packages which enable customers to borrow money and pay back with interest rate based on your personal circumstances.
The credit facilities include Lloyds Bank Personal Loan,Pay As You Grow, Car loan,mortgage loan,Business Loans and Recovery Loan Scheme (RLS)
This post will highlight different types of loan offered by Lloyds, requirements and how to apply for it without stress. You then pay the loan back on a monthly basis, over an agreed period of time. With Lloyds Bank, you can choose to pay the loan back between 1 and 7 years.
1.Lloyds Bank Personal Loan
.Lloyds Bank Personal Loan can be use to buy a car, consolidate loan debt, improve your home, marriage and holiday purpose.You can borrow up to 3.9% APR representative for a loan between £1,000 and £50,000 over 1 to 7 years.The interest rate is fixed for the duration of your loan, making it easy to track the cost of borrowing.
This kind of loan can not be use for the following purpose
1.Speculative purchases, for example: gambling, investments and share purchases
2.Any illegal purposes
3.Business related purposes
4.Purchase/Lease of land or property, either full or part purchase (including deposit)
5.Timeshares/Holiday Clubs
How can apply for Lloyds Bank Personal Loan
To apply for a Lloyds Bank Personal Loan, you need to:
1.You must be 18+.
2.You must be a UK resident (excluding the Channel Islands and the Isle of Man).
3.have held a Lloyds Bank current account for at least one month.
4.be in paid employment or have a regular income, and are not a full-time student.
5.have a good credit score, with no history of bad credit, such as County Court Judgements (CCJs) or bankruptcy.
How to Apply for Lloyds Bank Personal Loan
1.You can apply for Lloyds Bank Personal Loan in branch nearest to you
2. You can also Apply over the phone – if you have a: Lloyds Bank Current Account, call us on 0330 123 3890 and Speak to an adviser 8am-10pm, every day.
2. Lloyds Bank business loan
Are you looking to expand, invest in new equipment or borrow to manage your cash flow, Lloyds Bank small Business Loan is available up to £25,000 with a secured or unsecured loan or Larger Business Loans above £25,000. This kind of loan has a Flexible repayment terms between 1-25 years.
The Lloyds Bank business loan APR (variable or fixed) representative Base Rate (variable) from 9.3% APR and Fixed Rate from 9.3% APR
Eligibility
Lloyds Bank Small Business Loans are available to new and existing Lloyds Bank customers.
You must:
1. Require the loan for business use
2. Apply for a minimum of £1,000
3. Be a sole trader, partner or director with authority to borrow on behalf of your business
4. Be aged 18 or over.
Lloyds Bank Larger Business Loans Eligibility
You must:
1. Require the loan for business use
2. Apply for a minimum of £25,001
3. Be a sole trader, partner or director with authority to borrow on behalf of your business
4. Be aged 18 or over.
3.Lloyds Bank Recovery Loan Scheme
Lloyds Bank Recovery Loan Scheme is available to existing Lloyds Bank business customers only and you can borrow between £25,001 and £250,000, security may be required.
The loan is designed to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.
The scheme is available to businesses with a turnover of less than £45 million and you can Choose a repayment term between 1-6 years
Eligible for Lloyds Bank Recovery Loan Scheme
1. You must be a UK-based
business with a turnover of less than £45 million
2. You must be an existing Lloyds Bank business customer for a minimum of 12 months
3.Impacted by the outbreak of the coronavirus pandemic
4.A viable business
4. Lloyds Bank Car loans
Lloyds Bank Car loans can help you buy a new or used car…You can get a loan between £1,000 and £50,000 over 1-7 years with 3.9% APR Representative on loans between £7,500 – £25,000 over 1 to 5 years. You’ll need to account for things like insurance, servicing, MOTs, fuel and breakdown cover.
If your application is approved, the money could be in your account the same day – between 9am-8.30pm, or before 9am the next working day.
Requirements to apply for Car loans
To apply for Lloyds Bank car loan, you need to:
1. Be aged 18 or older
2. be a UK resident (excluding the Channel Islands and the Isle of Man)
3. have held a Lloyds Bank current account for at least one month
4. be in paid employment or have a regular income and are not a full-time student
5. have a good credit score, with no history of bad credit, such as County Court Judgements (CCJs) or bankruptcy.
5.Bounce Back Loan
The Lloyds Bank Pay As You Grow give you the flexibility and more time to pay back your Bounce Back Loan should you need it.You don’t need to be in financial difficulty to choose any Pay As You Grow options. They’re available to all customers with a Bounce Back Loan.
However, Using these options won’t affect your credit score, though we may use requests for Pay As You Grow options to help us assess affordability in future lending applications.
For the first 12 months of your Bounce Back Loan, no capital repayments are required and interest payments are covered by the UK Government’s Business Interruption Payment. After this period, we’ll collect repayments and charge interest.
You can extend your 6-year Bounce Back Loan term to 10 years, at the same interest rate of 2.5%.
